Ex-PCAOB Chief Auditor: Mazars' Binance Proof of Reserves Report Doesn't Answer Questions About Funds Are Adequately Collateralized

According to the Wall Street Journal, Douglas Carmichael, the former chief auditor of the US Public Company Accounting Oversight Board (PCAOB), said that the Binance Reserve Proof report provided by Mazars did not actually answer the question of whether the funds were fully collateralized, "calling it an audit. is a gross misrepresentation." Mazars responded that it carried out its work in accordance with the "agreed procedures" required by Binance and "makes no representations as to the adequacy of the procedures." Binance is a private company that does not need to provide audited financial statements, nor Post any information that gives a comprehensive overview of their financial condition or liquidity. Foresight News previously reported that at 7:59:59 on November 23, 2022, Beijing time, Mazars held Bitcoin in assets controlled by Binance, BTCB on Ethereum, and BBTC on BNB Chain at Bitcoin block height 764327. The situation has been audited, and the result is that the Bitcoin assets held by Binance are 101% of its liabilities (customer deposit assets), and Binance's Bitcoin liabilities are about 575,742.4228 pieces. Mazars said the audit considered situations in which all three assets were lent against other assets.